Shares of cryptocurrency trading platform Bullish fell more than 8% in pre-market trading on Thursday after the company reported first-quarter financial results that missed market expectations for both revenue and adjusted net profit.

Both key metrics fell short of forecasts. The financial report shows Bullish's Q1 adjusted revenue was $92.8 million, below the FactSet analyst consensus expectation of $94.9 million. Adjusted net profit was $20.3 million, also missing the expected $23.9 million. Under International Financial Reporting Standards, the company reported a net loss of $604.9 million, or a loss of $3.85 per share, significantly higher than the loss of $348.6 million in the same period last year.

The company noted that trading-related revenue declined year-over-year, impacted by weaker digital asset prices and a slowdown in trading activity. Sales of digital assets dropped to $51.8 billion from $80.2 billion in the prior-year period.

Industry-wide headwinds persist. Bullish's earnings miss is not an isolated case. Recently, Coinbase and Robinhood also reported first-quarter results that fell short of expectations, with Robinhood's cryptocurrency business revenue declining 47% year-over-year to $134 million. This reflects the widespread pressure faced by the entire crypto trading industry in the first quarter.

$4.2 billion acquisition plan remains on track. Despite the disappointing performance, CEO Tom Farley expressed satisfaction with the first-quarter results and confidence in the future outlook. He specifically emphasized that the company's previously announced plan to acquire share registration and shareholder services company Equiniti for $4.2 billion will help create the world's first fully integrated issuer services provider with blockchain functionality. The transaction is expected to be completed by January 2027.